Returns on Indian Art during 2000–2013

Jenny R Hawkins and Viplav Saini
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Jenny R Hawkins: Department of Economics, Weatherhead School of Management, Case Western Reserve University, 10900 Euclid Avenue, Cleveland, OH 44106, USA
Viplav Saini: Department of Economics, Oberlin College, 10 N. Professor Street, Oberlin, OH 44074, USA

Eastern Economic Journal, 2016, vol. 42, issue 2, 302-310

Abstract: The market for modern Indian art is an emerging art market, having come into a proper existence only in the late 1990s. This market saw tremendous growth in its initial years, then a downturn that started around 2007–2008. Using data from auctions conducted by a major Indian art auctioneer, we estimate via hedonic regression a price index for paintings and drawings by Indian artists sold during 2000–2013. We are able to thus estimate a rate of return on Indian art as an investment and also shed light on what drives the price of a painting in the Indian market.

Date: 2016
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